HOUSTON–(BUSINESS WIRE)–Sunnova Vitality Worldwide Inc. (“Sunnova”) (NYSE: NOVA), a number one U.S. residential photo voltaic and power storage service supplier, introduced as we speak it has closed its second solar-loan securitization and sixth residential photo voltaic securitization total.
“Once again, the secured financing market has recognized the value and importance of providing superior customer service for solar and storage offerings,” mentioned William J. (John) Berger, Chief Government Officer of Sunnova. “Despite the current dislocation in the structured finance markets, we were still able to achieve an implied blended yield of approximately 3.75% and an overall advance rate of approximately 87.5% on a loan-to-value basis. The combination of our proven track record and excellent payment performance on prior securitizations, together with our well-capitalized corporate balance sheet, strong recurring cashflows and focus on providing best-in-class customer service, resulted in extremely strong demand and pricing for this securitization. We do anticipate further improvements in the solar securitization cost of debt as the market continues to heal and recognize the payment performance results through this economic and health crisis. This latest transaction will help us add yet another chapter to our growth story as we continue to power energy independence for our customers.”
The 2-tranche securitization consists of $135.850 million in A- (sf) rated 2.98% notes and $22.642 million in subordinated BB- (sf) rated 7.25% notes.
The notes are backed by a various portfolio of over 5,000 photo voltaic loans distributed throughout 17 states and territories together with Puerto Rico and the Commonwealth of the Northern Mariana Islands. The weighted common buyer FICO rating of the associated prospects on the time of origination is 735. Sunnova intends to make use of the proceeds from the sale of the notes for the cost of bills associated to the providing of the notes, the reimbursement of a number of at present present financing preparations of Sunnova’s subsidiaries and for common company functions.
Credit score Suisse was the only real structuring agent and bookrunner for the securitization.
ABOUT SUNNOVA
Sunnova Vitality Worldwide Inc. (NYSE: NOVA) is a number one residential photo voltaic and power storage service supplier, with prospects throughout the U.S. and its territories. Sunnova’s purpose is to be the supply of unpolluted, inexpensive and dependable power, with a easy mission: to energy power independence in order that householders have the liberty to stay life uninterrupted™.
For extra data, go to www.sunnova.com, comply with us on Twitter @Sunnova_Solar and join with us on Fb.
DISCLAIMERS
The Notes haven’t been and won’t be registered beneath the Securities Act of 1933, as amended, or relevant state securities legal guidelines, and may not be provided or bought in the US besides pursuant to an exemption from the registration necessities of the Securities Act and relevant state securities legal guidelines.
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase any securities, and shall not represent a proposal, solicitation of a proposal or sale of any securities in any state during which such provide, solicitation or sale can be illegal. Any provide of the notes shall be made solely by the use of a personal providing round.
FORWARD-LOOKING STATEMENTS
This press launch accommodates forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended. Ahead-looking statements usually relate to future occasions or Sunnova’s future monetary or working efficiency. In some instances, you possibly can determine forward-looking statements as a result of they include phrases comparable to “may,” “will,” “ought to,” “count on,” “plan,” “anticipate,” “going to,” “may,” “intend,” “goal,” “challenge,” “contemplates,” “consider,” “estimate,” “predict,” “potential” or “proceed” or the adverse of those phrases or different related phrases or expressions that concern Sunnova’s expectations, technique, priorities, plans or intentions. Ahead-looking statements on this launch embody, however are usually not restricted to, statements relating to our future development, asset efficiency, service ranges, monetary situation and cashflows, the photo voltaic securitization market, value of debt, and cost efficiency. Sunnova’s expectations and beliefs relating to these issues may not materialize, and precise ends in future durations are topic to dangers and uncertainties that might trigger precise outcomes to vary materially from these projected, together with dangers relating to our capacity to forecast our enterprise as a consequence of our restricted working historical past, the consequences of the coronavirus illness pandemic on our enterprise and operations, outcomes of operations and monetary place, our competitors, fluctuations within the photo voltaic and home-building markets, availability of capital, our capacity to draw and retain sellers and prospects and our seller and strategic accomplice relationships. The forward-looking statements contained on this launch are additionally topic to different dangers and uncertainties, together with these extra totally described in Sunnova’s filings with the Securities and Trade Fee, together with our Annual Report on 10-Ok for the 12 months ended December 31, 2019 and our Quarterly Report on 10-Q for the quarter ended March 31, 2020. The forward-looking statements on this launch are based mostly on data out there to Sunnova as of the date hereof, and Sunnova disclaims any obligation to replace any forward-looking statements, besides as required by legislation.
